- Ethereum Classic is trading 53% above the Simple Moving Average (SMA).
- The ETC crypto was released seven years ago and it is performing pretty well.
Ethereum Classic (ETC) is a decentralized blockchain platform created in 2016 due to a contentious hard fork from Ethereum. It supports smart contracts, dApps, and token issuance, emphasizing immutability and censorship-resistance.
The ETC token is utilized for various purposes, including exchange, tokenization, and secure decentralized applications. A dedicated developer team leads it.
The Ethereum Classic is trading with no significant activity in the last 24 hours, followed by a slight advance of 0.02%. It further results in a traded volume worth $442.64M.
The market capitalization of the crypto witnessed a decline of 5.19% in the last 24 hours, followed by a market cap of $5.145B. Moreover, the market cap ranking of the crypto is 26th, which also results in a market cap dominance of 0.20%.
The cryptocurrency’s volatility has been very high, as it has been below 30% for the last 30 days, while the current volatility is at 15%. Also, the Total Value Locked for the Ethereum Classic is worth $892K, and the stablecoin market cap of the crypto is $23.7K.
The sentiment of the crypto is currently neutral, and the supply inflation of the crypto is at 4.43%, which is considered neutral. The current circulating supply of the crypto is 145.974M ETC, and the total supply of the crypto is 210.7M ETC. Its fully diluted market cap is $7.471B.
Ethereum Classic Crypto Derivatives Analysis
The highest liquidation in the cryptocurrency was witnessed on 5th March, resulting in a long liquidation of $7.28M. Looking at the last 24 hours of activity, the crypto has again witnessed higher long liquidation. It shows that many longs are exiting in the last few days.
The crypto’s current long/short ratio is 0.8615, and the derivatives traded volume has witnessed an advance of 48% over the last 24 hours.
Social VolumeVs Twitter Followers Vs Development Activity
While the Ethereum Classic’s social volume and price are constantly advancing, a considerable decline in development activity can be seen. It indicates that the users are engaging in crypto despite its lack of development.
ETC Crypto Technical Analysis
The trading price of the ETC crypto was witnessing rejection followed by a dynamic trendline, and further ahead, the price broke above the same in August 2024. Since the breakout, the trading price of the crypto has advanced by 120%.
The following price behavior shows buyers’ dominance and bullish sentiment in the crypto price.
ETC/USD Chart by TradingView
The Exponential Moving Averages on the daily chart of the ETC crypto price indicate a bullish bias as the crypto’s price is trading above all the EMAs. The 50-day and 200-day EMAs are also trading in a golden crossover, consistently advancing to higher levels.
The charts show that the crypto’s trend is bullish, and the Average Directional Index is trading at 31.10. It indicates the strength and reliability of the cryptocurrency’s trend.
The fast-moving oscillator Stochastic RSI indicates retracement in the trading price as the stochastic levels have reversed from the overbought zones.
Summary
Ethereum Classic (ETC) is showing bullish sentiment, with its trading price rising by 120% after breaking a dynamic trendline in August 2024. The Exponential Moving Averages signal a bullish bias, with the 50-day and 200-day EMAs forming a golden cross. The Average Directional Index indicates a reliable bullish trend.
Technical Levels:
- Support levels: $14.6 and $21.70
- Resistance levels: $78.00 and $118.50
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.